Apple crushes Street forecasts, revenue up 83 percent (Reuters)

SAN FRANCISCO (Reuters) ? Apple Inc posted results that blew past Wall Street expectations, fueled by solid demand for its products.

The consumer electronics giant's shares rose 3 percent in extended trading on Wednesday.

Gross margins in the fiscal second quarter came to 41.4 percent, above Wall Street's average forecast of 39.03 percent.

Apple reported a net profit of $5.99 billion, or $6.40 a share, while revenue surged 83 percent to $24.67 billion.

Apple's results come as it prepares to build the next iPhone model with a faster processor, which will begin shipping in September, three people with direct knowledge of the company's supply chain said on Wednesday.

(Reporting by Poornima Gupta; Editing by Richard Chang)

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